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- Choices for the following labelled numbers—- 1. Price ceiling, quota, price floor, tax 2. Up ward or downward 3. Upward or downward. Which statement best explains how a price ceiling affects the market for gasoline? It can cause more gasoline producers to enter the market. It can lead to producers increasing their production costs for gasoline. It can cause shortages in the supply of gasoline. It can lead to a decrease in the demand from consumers for gasoline.Government price controls like price ceilings and price floors will still lead to equilibrium between demand and supply. True or False
- What are some pros and cons of price ceilings and price floors? And how can these impacts ones life?Which change would cause a decrease in price and a decrease in the quantity sold? Pick a,b,c, or d a. The granting of a subsidy to producers of the product b. The removal of a price floor on the product maintained by government legislation and rationing c. The granting of a subsidy to consumers of the product d. The removal of a price ceiling on the product maintained by government legislation and purchases of surplusesAnalyze the role of the government when determining prices in markets
- Which government policy measure would reduce the price of a product and increase the quantity traded in the market? Pick a,b,c or d a. The setting of a maximum price b. The setting of a minimum price c. The imposition of a tax d. The granting of subsidyPrice gouging, or large increases in the prices of essential goods during an emergency, is illegal in 34 states. Laws against price gouging are essentially ________, set at the price of a good before the emergency began, and result in a ________ of the good. price floors; surplus price floors; shortage price ceilings; surplus price ceilings; shortageQ)Government-imposed quantity restrictions a.generate higher prices for the good than would prevail under freely competitive markets. b.don't affect the price of the good. c.generate lower prices for the good than would prevail under freely competitive markets. d.can cause prices to either be higher or lower, but always cause excess supply to develop Not copy paste sokution anywhere
